"The trade turnover in 2016 amounted to $40.7 bln, direct accumulated investments made by German companies in the Russian economy reached $18 bln," the Russian leader said at a meeting with German businessmen.

According to him, "this year, bilateral trade grew by 25% and investments in the first quarter alone amounted to $312 mln, while investments for the whole 2016 were $225 mln."

"More than 5,000 enterprises with the participation of German capital operate in Russia employing 270,000 Russian citizens. The turnover of those companies exceeds $50 bln," Putin said.

Russia and Germany continue economic cooperation despite existing challenges in the political area, according to Putin.

"Despite all existing challenges in the political area the economic relations with the Federal Republic of Germany are not fading away," the president said. Putin added that though "China has outpaced Germany in terms of trade turnover with Russia, the latter still takes a significant share of Russia’s trade."